Advisors Asset Management Inc. Buys 3,724 Shares of Cogent Communications Holdings, Inc. $CCOI

Advisors Asset Management Inc. lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 187,919 shares of the technology company’s stock after buying an additional 3,724 shares during the quarter. Advisors Asset Management Inc. owned about 0.38% of Cogent Communications worth $9,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of CCOI. AlphaQuest LLC bought a new position in shares of Cogent Communications in the 1st quarter worth approximately $36,000. Farther Finance Advisors LLC grew its stake in Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after purchasing an additional 554 shares during the period. Atlantic Union Bankshares Corp bought a new position in Cogent Communications in the second quarter worth $40,000. Byrne Asset Management LLC purchased a new position in Cogent Communications during the second quarter valued at $41,000. Finally, Resources Management Corp CT ADV purchased a new position in Cogent Communications during the first quarter valued at $48,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Stock Up 4.3%

Cogent Communications stock opened at $17.89 on Wednesday. The firm has a market cap of $878.77 million, a price-to-earnings ratio of -3.94 and a beta of 0.77. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 12 month low of $15.96 and a 12 month high of $84.60. The stock has a fifty day simple moving average of $35.23 and a two-hundred day simple moving average of $41.30.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.15) by $0.28. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The company had revenue of $241.95 million for the quarter, compared to analysts’ expectations of $246.13 million. During the same quarter last year, the company posted ($1.33) earnings per share. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. Equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Friday, November 21st will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, November 21st. Cogent Communications’s dividend payout ratio is -1.96%.

Cogent Communications declared that its board has authorized a share buyback program on Thursday, August 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CCOI shares. KeyCorp decreased their price target on shares of Cogent Communications from $65.00 to $30.00 and set an “overweight” rating for the company in a research note on Friday, November 7th. JPMorgan Chase & Co. cut their price objective on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, November 13th. Citigroup decreased their target price on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. UBS Group reissued a “neutral” rating and issued a $27.00 price target (down from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Finally, The Goldman Sachs Group cut their price target on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.71.

Insider Buying and Selling at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $36.99, for a total value of $88,776.00. Following the transaction, the vice president directly owned 36,200 shares of the company’s stock, valued at approximately $1,339,038. This trade represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the transaction, the director directly owned 10,012 shares in the company, valued at $213,656.08. This trade represents a 19.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.